News

Royal & Sun estate agent sale stalls

ROYAL & SUN ALLIANCE, the beleaguered life assurer, is struggling to sell Britain's second-biggest group of estate agents. The 360-strong chain, which includes names such as Fox & Sons and Barnard Marcus, has been looked at by several rival firms but they have struggled to make an acceptable offer to Royal & Sun. According to underbidders, there are thought to be two offers still on the table, but both Countrywide Assured, the country's largest chain, and Hamptons are no longer in the contest.

Last year Countrywide made an offer of £42m but it was rejected. A successful sale of its estate-agency division is by no means crucial to Royal & Sun's survival, but it will help it focus on its core insurance business. The group is also selling its medical-insurance division.

Analysts say the key to Royal & Sun's survival is a successful flotation of its Australian and New Zealand